At a glance
TUR charges 0.59% a year. It has $225.1M in assets; it paid 2.72% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −7.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned −1.1% a year. At its worst it fell 35.0% in the 2020 crash (S&P 500: 33.7%) and 22.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 2 months after the lows. Its ten largest positions make up 55.4% of the fund, out of 72 in all.
The short version
The iShares MSCI Turkey ETF (TUR) tracks the MSCI Turkey IMI 25/50 Index, a basket of large, mid and small Turkish companies led by Aselsan, Tupras and BIM. It puts all its money in one emerging market, so Turkish politics and the lira can move it sharply. It costs 0.59% a year. Over the 10 years through October 27, 2026, its price return averaged just 0.9% a year.
Price history
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TUR -7.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TUR official prospectus, to Dec 31, 2024 | — | +13.70% | — | +8.94% | -1.22% | — |
| MSCI Emerging Markets Index index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI Turkey IMI2550Index index, same period | — | +14.82% | — | +9.29% | -0.94% | — |
| TUR price data to Oct 27, 2026 | -9.4% | -7.0% | -1.1% | +10.3% | +0.9% | +0.2% |
- Over the year to Oct 27, 2026, TUR returned -7.0%.
- Its 5-year annualized return was +10.3% and its 10-year +0.9%.
- In the 2020 COVID crash it fell 35% and regained its old high 9.6 months after the low.
- Its worst full calendar year was 2018 (-41.5%); its best was 2022 (+105.8%).
- The deepest fall in its price history was 71.8% (May 8, 2013 to Mar 20, 2020), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -9.4% | — |
| 2025 | -1.5% | — |
| 2024 | +12.9% | +13.70% |
| 2023 | -8.7% | -9.16% |
| 2022 | +105.8% | +106.42% |
| 2021 | -27.5% | -27.51% |
| 2020 | -1.2% | -0.74% |
| 2019 | +14.4% | +13.94% |
| 2018 | -41.5% | -41.42% |
| 2017 | +37.6% | +37.45% |
| 2016 | -6.6% | -8.28% |
| 2015 | -31.4% | -31.46% |
| 2014 | +15.8% | — |
| 2013 | -27.3% | — |
| 2012 | +65.6% | — |
| 2011 | -36.5% | — |
| 2010 | +25.6% | — |
| 2009 | +103.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.7% over that stretch · deepest drop along the way 35%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 25.5% over that stretch · deepest drop along the way 22.5%, back to its old high 1.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4800 | |
| 2025 | $0.8300 | +29.7% |
| 2024 | $0.6400 | -55.2% |
| 2023 | $1.4300 | +95.9% |
| 2022 | $0.7300 | -6.4% |
| 2021 | $0.7800 | +239.1% |
| 2020 | $0.2300 | -74.2% |
| 2019 | $0.8900 | -11.0% |
| 2018 | $1.0000 | -13.0% |
| 2017 | $1.1500 | -37.2% |
| 2016 | $1.8300 | +66.4% |
| 2015 | $1.1000 | +25.0% |
| 2014 | $0.8800 | -21.4% |
| 2013 | $1.1200 | +10.9% |
| 2012 | $1.0100 | -12.9% |
| 2011 | $1.1600 | -9.4% |
| 2010 | $1.2800 | +52.4% |
| 2009 | $0.8400 |
What's inside
As of Aug 31, 2026, the fund held 72 securities; the ten largest made up 55.42% of assets. It also reported 21.56% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| ASELSAN ELEKTRONIK SANAYI VE TICARET ANONIM SIRKETI | 11.70% | |
| TURKIYE PETROL RAFINERILERI ANONIM SIRKETI | 9.59% | |
| BIM BIRLESIK MAGAZALAR ANONIM SIRKETI | 9.16% | |
| AKBANK TURK ANONIM SIRKETI | 5.52% | |
| TURK HAVA YOLLARI ANONIM ORTAKLIGI | 4.31% | |
| KOC HOLDING ANONIM SIRKETI | 3.61% | |
| EREGLI DEMIR VE CELIK FABRIKALARI TURK ANONIM SIRKETI | 3.34% | |
| YAPI VE KREDI BANKASI ANONIM SIRKETI | 2.94% | |
| TURKCELL ILETISIM HIZMETLERI ANONIM SIRKETI | 2.72% | |
| HACI OMER SABANCI HOLDING ANONIM SIRKETI | 2.53% | |
| Katilimevim Tasarruf Finansman AS | 2.41% | |
| TURKIYE IS BANKASI ANONIM SIRKETI | 2.35% | |
| Pasifik Eurasia Lojistik Dis Ticaret AS | 1.80% | |
| PEKER GAYRIMENKUL YATIRIM ORTAKLIGI ANONIM SIRKETI | 1.60% | |
| TURK ALTIN ISLETMELERI ANONIM SIRKETI | 1.36% |
By country
Turkey 99.8%By asset type
Stocks 99.68%Other 0.11%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.59%, -2.01%, +5.75%.
How it works
TUR follows the MSCI Turkey IMI 25/50 Index. MSCI, which classifies Turkey as an emerging market, builds the index. It covers large, mid and small Turkish companies and weights them by free-float market value, which counts only the shares available to trade. A capping rule limits concentration. No single "group entity" (companies under common control) can top 25%, and groups weighing more than 5% each can't add up to more than 50%.
The index rebalances quarterly. Each time, an optimization keeps it as close as possible to the uncapped MSCI Turkey Index. BlackRock uses representative sampling. Instead of buying every stock, it holds a sample that matches the index's size, industry and risk profile. At least 80% of assets go into index stocks or close equivalents such as depositary receipts. Up to 20% can go into futures, options, swaps, cash and other securities. As of August 31, 2026, the fund held 72 stocks, and the top 10 made up about 55% of assets.
The fund is passive. It doesn't try to beat the index or move to cash when markets fall. It may lend up to one-third of its assets to other firms for a fee, which adds a small risk that a borrower fails to return them. Portfolio turnover was 15%, which is low.
What it really costs
- TUR charges 0.59% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TUR | $60 | $189 | $329 | $738 |
In a retirement portfolio
TUR is a single-country emerging-market fund with large swings and a long, unrecovered drawdown, so it fits only as a small add-on to a broader portfolio.
TUR could add a small piece of one emerging market to a portfolio, but the ride has been rough. In the 2020 COVID crash it fell 35% between February 19 and March 20, 2020, and took about 10 months to recover. In the 2022 bear market it rose 25.5% while the broader market fell. Its worst calendar year was 2018, when it lost 41.5%. From its May 2013 peak to March 2020 it lost 71.8%, and it had not regained that peak as of October 27, 2026. Anyone who has to sell in a slump could lock in deep losses. It yielded 2.72% over the 12 months to October 27, 2026, paid twice a year. It costs 0.59% a year, or $738 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a deliberate, small position in Turkish stocks such as Aselsan, Tupras, BIM and Akbank in one fund costing 0.59% a year.
- People who can live with extreme swings: the fund lost 41.42% in 2018 and gained 106.42% in 2022.
- Investors who already own broad emerging-market funds and want more weight in one country, accepting that the top 10 holdings are about 55% of assets.
Look elsewhere if
- Retirees who may need to sell in a downturn. After a 71.8% drop, the fund had not regained its May 2013 peak as of October 27, 2026.
- Income seekers who want regular payments. The fund pays only twice a year and yielded 2.72% over the 12 months to October 27, 2026.
- Investors who want broad emerging-market exposure. Over the 10 years to December 31, 2024, TUR returned -1.22% a year, versus 3.64% for the MSCI Emerging Markets Index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is TUR a good investment for retirement?
For most retirement savers it can play only a small, higher-risk role. TUR holds stocks from a single emerging market, and its results have swung widely. It lost 41.42% in 2018 and gained 106.42% in 2022. From May 2013 to March 2020 it fell 71.8%, and it had not regained that peak as of October 27, 2026. Anyone who may need to sell shares in a bad year could end up selling at a deep loss.
Does TUR pay dividends?
Yes, twice a year. Over the 12 months to October 27, 2026, it paid $0.84 per share, a trailing yield of 2.72%. The payouts come from dividends paid by Turkish companies. Those are converted into US dollars, so the amount can change a lot from one payment to the next, depending on company profits and the exchange rate.
What is the expense ratio of TUR?
TUR charges 0.59% a year, according to its prospectus filed December 19, 2025. All of it is the management fee, and there is no fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, an investor would pay about $60 in the first year, $189 over three years, $329 over five years and $738 over 10 years.
How has TUR performed compared with emerging markets overall?
It did better over 1 and 5 years but worse over 10 years, as of December 31, 2024. TUR returned 13.7% in 2024, versus 7.5% for the MSCI Emerging Markets Index. Over five years it averaged 8.94% a year, versus 1.7%. Over 10 years it averaged -1.22% a year, versus 3.64%. Later, its price fell 7% in the year to October 27, 2026.
What are TUR's top holdings?
As of August 31, 2026, the largest positions were Aselsan (11.7%), Tupras (9.6%), BIM Birlesik Magazalar (9.2%), Akbank (5.5%) and Turk Hava Yollari (4.3%), followed by Koc Holding and Eregli Demir ve Celik. The fund held 72 stocks, and the top 10 made up about 55% of assets. That means a handful of companies drive much of its return.